New York (dpa) – On Wall Street, investors lost their courage after the good week before. The most important stock indices lost initial gains in the course of trading on Monday and closed in the red.
There are still concerns that the ongoing oil price rally could lead to energy bottlenecks and stifle the global economic recovery from the corona pandemic.
The US leading index Dow Jones Industrial fell by 0.72 percent to 34,496.06 points. The S&P 500 fell 0.69 percent to 4,361.19 points. The technology-heavy Nasdaq 100 fell 0.72 percent to 14,713.73 points.
With a view to the individual values, companies from the energy and oil sectors were particularly in demand due to the current raw materials bull market. Among the best titles in the S&P 500, Schlumberger, Halliburton, Freeport-McMoran and Enphase Energy rose by two and a half to four and a half percent.
Tense supply situation in the energy sector
A major price driver on the oil market is the strained supply situation in the energy sector as a whole. Because the prices for gas and coal have risen sharply in recent months, oil is increasingly being considered as an alternative for generating electricity. That is also driving oil prices up strongly.
Commodities expert Carsten Fritsch from Commerzbank does not want to rule out a further shortage of supply on the oil market. He referred to the recent decision of the Opec + oil network not to increase the output more than planned despite the current bottlenecks. According to the expert Fritsch, oil prices should continue to rise in the short term.
Meanwhile, Southwest Airlines’ shares lost more than four percent. The airline had to cancel 1,800 flights over the weekend due to bad weather and staff shortages – this corresponded to at least 30 percent of all scheduled flights of the airline.
Euros at $ 1.1551
The automotive supplier Aptiv, like many competitors, is meanwhile suffering from the general shortage of semiconductors in the industry. As a result, the company had to revise its sales forecast downwards. The share certificates sagged by around three percent by the end of trading.
Hasbro’s paper was down 1.6 percent. The toy manufacturer’s share certificates apparently suffered from the fact that company boss Brian Goldner is now taking a break for health reasons.
The euro was quoted at $ 1.1551. The European Central Bank had set the reference rate at 1.1574 (Friday: 1.1569) dollars. The dollar cost 0.8640 (0.8644) euros. There was no trading in the US Treasury bond market. The reason was the holiday “Columbus Day”.